Swiss banks turn their backs on US clients...

More Swiss banks are turning down business from potential customers in the United States fearing legal problems and a mass of red tape.

Banking giant UBS earlier this week blocked access to investment accounts held by American clients as it winds down offshore services with the US. But other banks are also shunning the lucrative market across the Atlantic.

With UBS embroiled in a bitter court case with the US tax authorities that threatens Swiss banking secrecy and its reputation as a wealth manager, rivals are adopting a safety-first attitude. More...

See also:

1. UBS and Washington, a love-story gone sour...
2. The U.S. and the dark side of the UBS...
3. UBS to stop offshore banking for US residents...
4. The end of Swiss bank secrecy...